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Indie Hackers

#122 – Filling a Gap and Bootstrapping to $1M with Josh Wood of Honeybadger

Indie Hackers

Courtland Allen and Channing Allen

Startups, Entrepreneurship, Makers, Indie, Bootstrapping, Online, Technology, Business, Founders, Bootstrappers, Ideas, Tech, Indiehackers, Hackers

4.9 β€’ 606 Ratings

πŸ—“οΈ 30 September 2019

⏱️ 58 minutes

🧾️ Download transcript

Summary

Josh Wood is living an indie hacker dream: from freelance developer to co-founder of Honeybadger, a monitoring tool for developers that generates over $1M a year in revenue. Even better, he only works 30 hours a week. Josh joined the show to talk about the reward of switching from selling his time to selling a product, how Honeybadger filled a gap left by declining incumbent players, and why building a customer-friendly low-churn business is a solid way to achieve long-term growth, even if sales and marketing aren't your strong suit.Transcript, speaker information, and more: https://www.indiehackers.com/podcast/122-josh-wood-of-honeybadger

Transcript

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0:00.0

What's up, everybody?

0:08.4

This is Cortland from NDHackers.com and you're listening to the IndieHackers podcast.

0:12.8

On this show, I talked to the founders of profitable internet businesses and I try to get a sense of what it's like to be in their shoes.

0:18.6

How did they get to where they are today?

0:19.8

How did they make decisions, both at their companies and in their personal lives, and what exactly makes their businesses tick? And the goal here, as always, is so that the rest of us can learn from their examples and go on to build our own successful internet businesses. Today, I am talking to Josh Wood. Josh, welcome to the show. Thanks, Cortland. It's great to be here. You are one of the founders of a SaaS company called Honey Badger. There are two other founders in addition to you. You also have two full-time employees. And with the five of you in total, you're very profitable. You're doing over a million dollars in annual recurring revenue. You have low expenses and super high SaaS margins. and you bootstrapped your way to get here.

0:55.2

So the three of you own 100% of the company. Is that right?

0:58.4

That's right. I couldn't have said it better myself.

1:01.1

I think you're entirely remote too. So none of you are clocking into an office.

1:05.4

You're just working from home or wherever you want.

1:07.9

Yeah. So I'm located in the Greater Portland area. I'm in Vancouver, Washington,

1:12.9

and then my two co-founders are up in the Seattle area, Seattle and Kirkland, as well as our

1:18.7

marketing manager, Ben Finley. And then actually, Vancouver. Yeah. Yeah, you said you've been.

1:26.3

Yeah, I don't know why. I think I was in Portland and we just drove up to Vancouver. Yeah. Yeah, there's been a lot of tech activity in Portland over the years here. And it's a great place to work and live. Yeah, I'm pretty sure I was just like singing karaoke and getting drunk. Were you? I wasn't doing much tech. Well, it's great for that too. Give us a sense of your working hours as well. Are you putting in like 80 hours a week as a founder or is it 20 hours a week? Do you have any flexibility? Do you take vacations? Absolutely not 80 hours a week. And we try to take a lot of vacations. We actually were pretty low, low hours on, I think, the grand scale of things. We try to put in like 20 to 30 hour week. And really like our week target is like a total week of 30 hours. And that's actually what we advertise in our job postings and stuff too. So we're like a 30 hour a week company. Very cool, man. You're

2:18.7

living the dream. I feel like most of the developers I know would love to spend their time hacking

2:22.6

away on their own software project that's printing money on whatever schedule they want,

2:26.9

30 hours a week. And you're also working alongside a pretty tiny team of people that you actually

2:32.6

like to work with because you got to handpick these people.

2:35.6

Yeah, it's great. And I think we've we've kind of been learning that like if we hire people

2:39.9

that are a little bit like us in that regard, like that are kind of a little bit more of having

2:43.3

like an entrepreneurial spirit to them. Like they might have their own side projects. And that's

2:48.4

why it's appealing to have kind of a job that doesn't completely consume all of their,

2:53.7

all of their energy.

...

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